The fast-growing, five-year-old tech company 10gen will move out of SoHo for a larger space in a building with a basketball court.

Fledgling tech firm 10gen is moving up in the world. It is ditching its cramped office in SoHo for a new headquarters space in the old New York Times Building on West 43rd Street that is more than twice as large.

The software company which develops databases for corporations has signed a five-year lease for roughly 29,400 square feet at 229 W. 43rd St., between Seventh and Eighth avenues. The asking rent could not be determined, but in June brokers told Crain’s that rent in the building was somewhere between $70 per square foot to $80 per square foot.

The tenant has been searching for a permanent home since February, according to Greg Taubin, a broker at Studley who along with colleague Gabe Marans represented 10gen. The five-year-old tech firm had been subleasing 13,000 square feet from Scholastic Corp. at 578 Broadway, between Prince and East Houston streets. Its sublease there expires in April. 10gen’s first choice was to remain in SoHo, or at least in midtown south.

“But due to the scarcity of such space they were forced to look elsewhere,” said Mr. Taubin, adding that the landlord of 229 W. 43rd St., Equity Office, an affiliate of Blackstone Group, was able to accommodate the company’s desire for a short-term lease and potential need for more space in the near future.

10gen was given the option to expand into the remaining 30,000 square feet on the fifth floor during the five years of their lease, according to Mr. Taubin. “They were flexible,” he said, adding that the landlord was also “generous with build out cost” for the space. “Most tech companies need to limit capital expenditures,” he said.

The owner of the former New York Times building has been actively marketing the top 12 floors of the 16-story tower to potential tech tenants this past year. Equity Office recently renovated the space and added a basketball court and other tech-friendly perks to lure more tenants like 10gen. With its high ceilings and large, airy floor plans, the property is ideal for creative tenants, according to Mr. Taubin. Even Facebook was reportedly eyeing space there.

10gen was founded by New York City tech honcho Kevin Ryan, DoubleClick Co-founder Dwight Merriman and Eliot Horowitz, also from DoubleClick. So far, it has raised $81 million in funding. The firm is expected to move into its bigger digs in April.